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NY Fed Overlooked JPMorgan London Whale Risks: Watchdog

The New York Federal Reserve Bank identified risks at the JPMorgan Chase unit responsible for the London Whale trading debacle, but did not share these findings with one of the bank’s other regulators, nor did it go through with planned examinations of the unit, the regulator’s internal watchdog said Tuesday.

  • Buchanan Ingersoll, BofA Sued For $219M Virgin Islands Bond

    Buchanan Ingersoll & Rooney PC and Bank of America Corp. were slapped with a lawsuit by the U.S. Virgin Islands Public Finance Authority on Monday alleging they wrongly said a $219 million bond offering was tax-exempt, although an Internal Revenue Service investigation proved otherwise.

  • JPMorgan, UBS, Credit Suisse Pay €94M Over Rate-Rigging

    The European Commission announced €94 million ($119.6 million) in settlements against J.P. Morgan, UBS, and Credit Suisse on Tuesday in connection with cartels that fixed the price of the Swiss franc-denominated Libor and certain Swiss franc interest-rate derivatives near the peak of the financial crisis.

  • AbbVie Launches $5B Buyback After Failed Deal

    After scrapping a $55 billion merger attempt with British rival Shire PLC in the wake of a U.S. government crackdown on inversion deals, U.S. drugmaker AbbVie Inc. late Monday unveiled plans for a $5 billion stock buyback and 17 percent dividend increase to boost shareholder value.

  • GT Advanced Nears Deal With Apple To Explain Bankruptcy

    Apple Inc. supplier GT Advanced Technologies Inc. expects to reach an agreement shortly that would resolve its onetime partner’s worries about publicly airing information on the falling-out that abruptly drove it into Chapter 11, its attorney said Tuesday morning.

  • Ackman Says Allergan CEO Oversaw Valeant Smear Campaign

    Activist investor Bill Ackman in a new court filing late on Monday accused Allergan Inc.'s CEO of trying to tarnish Valeant Pharmaceuticals International Inc. in an effort to sour shareholders on its hostile $53 billion bid.